Aug 22, 2009

of swiss banking secrecy crackdown: singapore next

Unearth the dirty money
The Swiss have been surrounded for decades by mountains of snow and dirty money. That's why it is welcome news that Washington has been able to pry open Switzerland's bank secrecy laws this week. UBS AG will hand over information on the accounts of 4,450 wealthy Americans.

But this should be just the beginning and the next big target should be Singapore, according to Washington-based lawyer Jack Blum.

"As a result of the pressure on Switzerland, a lot of the client bank accounts have been shifted off to Singapore. UBS said [last year] it will co-operate in giving up the names, so billions fled and it all appears to be heading to Singapore," he said in a recent telephone interview.

Singapore is the "preferred destination" for Wall Street denizens, according to Singaporean opposition politicians. Who knows? Maybe some of Madoff's billions are there.
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